Ramos Hair Styling is a wholesaler of hair supplies. Ramos Hair Styling uses a perpetual inventory system. The following transactions $($summarized$)$ have been selected for analysis:

a$.$ Sold merchandise for cash $($cost of merchandise $$30,957).$

$$55,040$

b$.$ Received merchandise returned by customers as unsatisfactory $($but in perfect condition$)$ for cash refund $($original cost of merchandise $$280).$

$310$

$13,600$

$6,800$

$172$

d$.$ Collected half of the balance owed by the customer in $($c$).$

e$.$ Granted a partial allowance relating to credit sales the customer in $($c$)$ had not yet paid.

$f.$ Anticipate further returns of merchandise $($costing $$200)$ after year$-$end from sales made during

$320$

the year.

PA$6-3($Algo$)$ Part $1$

Required:

Compute Net Sales and Gross Profit for Ramos Hair Styling.

Net Sales

Gross Profit